FxWirePro: USD/JPY recovers above 124 after touching a low of 123.51, good to sell on rallies

• RES 4: 126.88 (161.8% retracement of 124.43 and 120.45)
  
  
• RES 3 : 125.85 (jun 5^th high)
  
  
• RES 2:125
  
  
• RES 1: 124.40 (Jun 24^th high)
  
  

PRICE: 124.21 @10:49GMT 

• SUP1 : 124.07 (7 day 4 HEMA)
  
  
• SUP2 :123.80 (55 DAY 4 HEMA)
  
  
• SUP 3 : 123.30( 200 day 4 HMA)
  
  
• SUP 4 :122.90 (Jul 14^th low)
  
  

USD/JPY has made a high of 124.36 on Friday and started retreating from that level. Short term trend is weak as long as resistance 125 holds.

On the higher side minor resistance is around 124.60 and any break above will target 125/125.80 in short term.

Intraday trend reversal only above 124.60.

The pair's intraday support is around 123.80 and below it will reach till 123.30/122.90.

It is good t o sell on rallies around 124.20 with SL around 124.65 for the TP of 123.